Here's Why Albemarle Dropped 12.3% in August
Shares of Albemarle (NYSE: ALB) fell over 12% last month, according to data provided by S&P Global Market Intelligence. The lithium producer reported solid second-quarter and first-half 2019 operating results. Management raised full-year 2019 adjusted earnings per share (EPS) guidance to $6.45 at the midpoint, up from a previous expectation of $6.30 on the same basis.
But investors were a little more focused on a decision to indefinitely delay certain lithium production expansion projects. Albemarle cut its production outlook for the early 2020s by as much as 35% compared to previously disclosed expectations. Once considered a formidable growth stock, shares have now fallen 50% since the beginning of 2018.
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Source Fool.com
